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ED flags ponzi scheme in name of Islamic banking; writes to RBI

Updated : November 09, 2018 06:47:51 IST

The central probe agency's zonal office in Bengaluru has also written to Karnataka Police seeking all FIRs filed by it against the firm on the alleged chit fund scheme being run by it in order to study the case comprehensively and file a fresh criminal case under the Prevention of Money Laundering Act (PMLA).
The ED identified the accused firm as Ms Ambidant Marketing Private Limited, run by one S Fareed Ahmed and S Afaq Ahmed, and said it first came under its radar in January for alleged FEMA contraventions and subsequently searches were conducted on the company that month.
ED flags ponzi scheme in name of Islamic banking; writes to RBI
Published : November 09, 2018 05:36 AM IST

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